Legal & General Group Plc Has $3.16 Million Stock Position in Nuvalent, Inc. (NASDAQ:NUVL)

Legal & General Group Plc raised its position in Nuvalent, Inc. (NASDAQ:NUVL - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,387 shares of the company's stock after acquiring an additional 4,794 shares during the period. Legal & General Group Plc owned about 0.06% of Nuvalent worth $3,161,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. acquired a new position in Nuvalent in the 4th quarter valued at approximately $27,000. US Bancorp DE acquired a new position in Nuvalent in the 4th quarter valued at approximately $90,000. KBC Group NV raised its holdings in Nuvalent by 61.1% in the 4th quarter. KBC Group NV now owns 1,587 shares of the company's stock valued at $124,000 after acquiring an additional 602 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Nuvalent by 13.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 2,618 shares of the company's stock valued at $205,000 after acquiring an additional 309 shares in the last quarter. Finally, Diametric Capital LP acquired a new position in Nuvalent in the 4th quarter valued at approximately $212,000. Institutional investors and hedge funds own 97.26% of the company's stock.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $75.87, for a total value of $2,048,490.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $18,896,333.94. The trade was a 9.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 83,000 shares of company stock worth $6,185,150 in the last 90 days. Company insiders own 12.52% of the company's stock.

Nuvalent Stock Down 0.6 %

Shares of NASDAQ NUVL traded down $0.48 during trading hours on Tuesday, hitting $74.72. The company had a trading volume of 23,990 shares, compared to its average volume of 472,001. The firm's 50 day moving average is $71.96 and its 200-day moving average is $82.06. Nuvalent, Inc. has a 1-year low of $55.54 and a 1-year high of $113.51. The stock has a market capitalization of $5.35 billion, a P/E ratio of -21.53 and a beta of 1.43.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02). On average, sell-side analysts predict that Nuvalent, Inc. will post -3.86 earnings per share for the current year.

Analyst Ratings Changes

NUVL has been the subject of a number of recent research reports. HC Wainwright reissued a "buy" rating and issued a $110.00 target price on shares of Nuvalent in a report on Monday, March 3rd. Wedbush reissued an "outperform" rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. Finally, UBS Group raised Nuvalent from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and a consensus price target of $115.50.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.